My system has no name. I go by the name of "ivan trader’. O well, ok, let us call it the ‘Forex Guru Buster’. Here are the settings I designed for the ‘Guru Buster’. Parabolic 0.008/0.08. SMA 25 Close [Blue]. Linear Weighted MA 10 Close [Red]. Candlestick Chart H4/H1. 1.) Look for an ABC pattern [Whether in a trend continuation or reversal] 2.) Point B must always be the highes/lowest point [Fractal] between Point A & C. 3.) Point C must always be higher or lower than Point A [Depending in which direction you are trading]. 4.) Wait for the Red Moving Average to cross the Blue Moving Average, namely Point D [This will confirm the direction of your analysis] 5.) Wait for the price to break the Support/Resistance level at Point B [which is a fractal high/low], namely Point E. 6.) As soon as price breaks the support/resistance level of Point B, at Point E, then the Parabolic SAR should also be ‘broken’ IN TANDEM [At the same instance/moment, namely together], meaning that the dot of the Parabolic indicator should alter its position from top to bottom, or bottom to top,…OK? 7.) Set your Stop Loss at Point D [Namely Spread + One Pip] 8. Take Profit = 1:1 [Exit 3/4 of your lot size and let the remainder of your trade run until exiting with the opposite cross of the Moving Averages OR PSAR [Depending on which occurs first]. 9. Run a Trailing Stop with your PSAR after having entered the trade after breakeven if you have not exited the trade yet. I include a screenshot for the purpose of explanation and the template. I could easily have sold this system for $97 but decided to hand it to you guys for free. Will appreciated it if you can keep my name with it. That is all. May the pips be with you. God bless - Ivan Trader [Have been trading for eight and a half years now].
Guys, I should explain that the strategy in this thread is slightly outdated. I was using this strategy in 2008-2010. The Forex market was very different at the time. The average daily range of pairs in Forex was astronomical compared to today. Check out these numbers…
[ul]
[li]GBP/USD use to range 229 pips per day on average.
[/li][li]AUD/USD use to range 156 pips per day on average.
[/li][li]GBP/JPY use to range 346 pips per day on average.
[/li][/ul]
These numbers are crazy, today the Forex market is much tamer.
[ul]
[li]GBP/USD ranges 113 pips per day on average.
[/li][li]AUD/USD ranges 72 pips per day on average.
[/li][li]GBP/JPY ranges 172 pips per day on average.
[/li][/ul]
With such a drastic change in how the Forex market moves, I have stopped looking for support and resistance break trades. The Forex market simply does not move enough these days to reliably make profit from breakouts.
My strategy has not changed in any major way. I have simply stopped trading scalp lines and breakouts. These days I concentrate on reversals exclusively.
I actually did a few free webinars last week that I recorded and posted to my blog. In the webinars I explain my updated 2013 strategy in detail. These are not some scammy webinars in which I try to push a product on you, they are free webinars with no catch.
Yeh, it has been erratic so I do not trade it as much.
People new to my strategy do not get an 83% win rate. I take very few trades and I only go for the best setups. Most people who are just starting out with my strategy get a 60%-70% win rate.
Awesome! Nick, do you ever post set-ups that you are looking at? I’ve been to your site and seen all of the videos! You have some live trade stuff there which is fantastic!
Hey guys, I am absolute newbie to forex trading and would like to ask some simple questions. Whats the difference between spread betting and forex trading? Does this 4H method works for spread betting currencies ? I have searched up the definition of pip and it said is 1/100 of 1% so that means 0.0001. So when you guys talk about 100 pips, does that mean 0.01? or simply the currency has move by 0.0001 100times in one direction? How would pip apply to currency with only 2 decimal places? Thank you guys! I am currently studying the 4H method but I also went on to forex4noobs and agrees that I should probably learn the basic first. However, I did keep on spotting the LWP and the GP
[QUOTE=“ryanboi;526192”]Hey guys, I am absolute newbie to forex trading and would like to ask some simple questions. Whats the difference between spread betting and forex trading? Does this 4H method works for spread betting currencies ? I have searched up the definition of pip and it said is 1/100 of 1% so that means 0.0001. So when you guys talk about 100 pips, does that mean 0.01? or simply the currency has move by 0.0001 100times in one direction? How would pip apply to currency with only 2 decimal places? Thank you guys! I am currently studying the 4H method but I also went on to forex4noobs and agrees that I should probably learn the basic first. However, I did keep on spotting the LWP and the GP :)[/QUOTE]
Please go through the school here, they explain pips and other things very very well
Hi nick, i would like to say thanks for all the insights and updates u have provided throughout. i have browse through your webinars and alot of posts on this topic. A few things i would like to clarify is:
are u only trading on 8 hr charts or do u look through other charts?
do u only trade reversals now? (i personally think it is really profitable)
can i trade if i find a valid signal but it is against the current trend.
hope to hear from u soon as it will strongly support my fundamentals of your system. cheers
Is forexnoobs still a live site? it looks like an advertising page.
also, I would like to get a copy of the pdf – can anyone advise where to get it?
Thanks and good luck to all.
